One of the most well-known Islamic banks in Pakistan, Faysal Bank Limited, has demonstrated exceptional performance in the first half of the year, which is a result of both sound business fundamentals and careful risk management.
According to the Bank’s financial report, FBL generated a net profit of PKR 7.5 billion, a remarkable 72% rise over the same period the previous year. The earnings per share showed a noteworthy increase as well, rising from PKR 2.89 to PKR 4.96, and an interim cash dividend of Re. 1/- per share, or 10%, was also announced.
In comparison to December 2022, the Bank’s total assets increased dramatically by 14%, hitting PKR 1.2 trillion. This growth demonstrates FBL’s strong foundation and its capacity to embrace opportunities while carefully balancing the dangers it faces. This expansion was largely fueled by the varied business strategy of FBL and its prudent credit practices. FBL’s net advances increased 15% to Rs. 521 billion, indicating growth in the lending industry as a whole. The Bank’s outstanding Advance-to-Deposit Ratio (ADR), which is 57%, demonstrates its dedication to fostering the country’s economic progress.
Deposits have increased by 16% to reach PKR 908 billion, further reiterating the consumers’ faith in the stability and dependability of the Bank. Current Accounts (CA), which had been on the rise for the previous three quarters, reached PKR 330 billion, representing a 19% increase over Dec 2022. This accomplishment not only improves the Bank’s financial standing but also highlights its dedication to addressing the changing requirements of its clients.
The Chairman of the Board, Mian Mohammed Younis, credited the Bank’s strong performance to the confidence of its clients, its extensive line of client-focused Islamic products, expanding network, and its highest Sharia rating.
“Faysal Bank’s outstanding financial success in the first half of 2023 is a testament to our dedication to our clients, shareholders, and Islamic banking principles. According to Yousaf Hussain, CEO of Faysal Bank Limited, “We are committed to providing sustainable value and fostering trust.” “We will keep building on our strengths and looking for opportunities for expansion to further improve the financial environment and support the prosperity of our stakeholders.”